Transcorp Hotels Plc on Thursday announced the approval of a final dividend payment of 64 kobo per share for the 2024 financial year, bringing the total dividend payout to 74 kobo per share, amounting to N7.57 billion.
The company also announced its upcoming Transcorp Hotels, Ikoyi—a flagship 5-star property in Lagos—as part of its expansion projects.
The Chairman of Transcorp Hotels Plc, Emmanuel Nnorom, announced the dividend payment to stakeholders during its 11th Annual General Meeting (AGM) on Thursday, which was attended by Naijaonpoint.
The dividend was later approved following the majority of votes cast by the company’s shareholders on Thursday.
“I am pleased to announce that the Board of Directors has proposed a final dividend of 64 kobo per share, or N6.56 billion, for FY 2024. If approved by the shareholders at this meeting, this will bring the total dividend to 74 kobo per share, or N7.57 billion, after an interim dividend of 10 kobo per ordinary share was paid at mid-year 2024,” Nnorom stated during the meeting.
According to him, the action reaffirms the company’s dedication to creating sustainable value for shareholders.
Transcorp Hotels Managing Director/CEO, Uzo Oshogwe, also announced the development of Transcorp Hotels, Ikoyi, as part of the company’s projects for 2025.
“A New Era of Luxury in Lagos—Our ambition to redefine urban luxury hospitality is taking shape with the upcoming Transcorp Hotels, Ikoyi—a flagship 5-star property set to revolutionize high-end accommodation and premium guest experiences in Lagos,” she stated.
Speaking at the meeting, Emmanuel Nnorom assured stakeholders that the company’s team would capitalize on “tourism inflows” and other measures in 2025, despite achieving a gross revenue of N70.13 billion in 2024.
“Industries such as telecommunications, agriculture, and financial services are expected to contribute significantly to GDP, accounting for over 92% of total output,” he said.
“The implementation of targeted fiscal policies, alongside strategic partnerships with private sector actors, is set to further enhance productivity and attract foreign direct investment (FDI), which is projected to exceed $5 billion in 2025, according to the United Nations Conference on Trade and Development (UNCTAD),” he added.
He expressed optimism that with the nation’s youthful population, abundant resources, and entrepreneurial spirit, Nigeria is uniquely positioned to harness future opportunities.
Building on this, Transcorp Hotels Managing Director/CEO, Uzo Oshogwe, said the road ahead for relevant stakeholders would demand innovation, resilience, and strategic thinking.